Highlights of this quarter's report are as follows. Total nonfarm employment was 32.8 thousand March 2003. Retailers report that sales and store traffic were below last year's marks. The help wanted advertising index suggests that local labor market conditions are unchanged from twelve months ago in terms of job openings. Public assistance and unemployment claim data were generally higher than a year ago. Lastly, residential construction, while at a respectable level, was below last year's totals.

            The industry data in Table 7 is given in a new format. As of January 2003 industry data is being reported by the government in the North American Industry Classification System, NAICS, format. This format replaces the old Standard Industrial Classification System, SICS. The SICS industry employment numbers from 2002 do not correspond to the NAICS figures. Therefore a year over comparison with 2002 is not possible. This problem will be resolved next year when 2003 NAICS data can be compared to 2004 NAICS employment numbers. The good news is that the change in reporting format gives us a more modern classification system and also provides greater level of detail.

            Our survey of local merchants is presented in the Retailer Confidence Index (Table 8). When our survey group was asked to compare total sales and store traffic to last year's marks they indicated that retail activity was well off the pace of one year ago. The Iraq war and bad weather most likely caused some people to stay at home and refrain from shopping. When this group was asked to forecast future store sales and traffic they felt that retail activity at their stores will rebound in spring.

            Help wanted advertising is a barometer of local labor market conditions. It is not meant to capture all jobs advertising, but rather to give some sense as to the direction and condition of the local labor market. For the Stevens Point Area the index was virtually unchanged from a year ago (Table 9). The mark of 89 indicates there are now approximately 89 jobs being advertised for every one hundred positions advertised in base year. In addition the U.S. index fell from 51 to 40. Indicating that there are only 40 jobs being advertised for every one hundred positions in the base year. The U.S. index clearly suggests that labor market conditions are weak and employment growth will be slow.

            Public assistance claims are generally higher in Portage county as compared to last year figures (Table 10). New applications on a monthly average basis rose from 142 to 298, or by 109 percent. The total caseload expanded from 2,631 to 3,022 or by nearly 15 percent. Another measure of local family financial distress is unemployment claim data (Table 11). New unemployment claims on a weekly average basis contracted from 292 to 285, or by 2.4 percent. Total claims, however, rose from 2,021 to 2,235, a gain of nearly 11 percent. Layoffs at a number of area employers have contributed to the expansion of total unemployment claims.

            Residential construction activity while substantial is below the brisk pace of 2002 (Table 12). The number of residential permits issued fell by 35 percent. The associated value of the construction activity contracted by 29 percent from a year ago. Residential alteration permits issued was lower by about 7 percent. However, the value of first quarter alteration activity expanded by 10.4 percent.

December 2002

March 2003